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SUBSEQUENT EVENTS (Block) | 6 Months Ended
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Jun. 30, 2018
Subsequent Events Abstract |
Schedule Of Subsequent Events Text Block | 14. SUBSEQUENT EVENTS Events occurring after June 30, 2018, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included and are as follows: On August 2, 2018, the Company entered into an asset purchase agreement with Bonneville to dispose of four radio stations in Sacramento, California and four radio stations in San Francisco, California, which had previously been classi fied as assets held for sale, for $141.0 million in cash. The completion of this transaction, which is expected to close in the second half of 2018, is subject to customary regulatory approvals and is expected to result in no gain or loss to the Company. On July 1 8, 2018, the Company entered into a transaction with Beasley to sell WXTU-FM, serving the Philadelphia, Pennsylvania, radio market for $38.0 million in cash. The Company also simultaneously entered into a TBA with Beasley where Beasley commence d operations of WXTU-FM on July 23, 2018. During the period of the TBA, the Company will exclude net revenues and station operating expenses associated with operating WKTU-FM in the Company’s consolidated financial statements. The completion of this trans action, which is expected to close in the fourth quarter of 2018, is subject to customary regulatory approvals and is expected to result in a gain of approximately $3.5 million. On July 1 8, 2018, the Company entered into an agreement with Jerry Lee Radi o, LLC (“Jerry Lee”) to acquire WBEB-FM for $57.5 million in cash, less certain working capital credits. The Company expects to enter into a TBA with Jerry Lee during the third quarter of 2018. During the period of the TBA, the Company will include net r evenues and station operating expenses associated with operating WBEB-FM in the Company’s consolidated financial statements. The Company expects to fund this transaction with proceeds from the sale of WXTU-FM, cash on hand and cash available under the Rev olver. This transaction is expected to close in the fourth quarter of 2018, subject to customary regulatory approvals. Upon the sale of WXTU-FM and the acquisition of WBEB-FM, the Company will continue to operate six radio stations in the Philadelphia ra dio market.

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- Definition Tabular disclosure of significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, losses resulting from fire or flood, losses on receivables, significant realized and unrealized gains and losses that result from changes in quoted market prices of securities, declines in market prices of inventory, changes in authorized or issued debt (SEC), significant foreign exchange rate changes, substantial loans to insiders or affiliates, significant long-term investments, and substantial dividends not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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